Planning my retirement

We’re here to help you plan for the type of retirement you want. Use our retirement checklist to help you make a plan, or check any plans you’ve already made.

There’s a lot to think about, but you don’t have to do it all at once. You can take it one step at a time and check back here whenever you’re ready to take the next step.

Your retirement checklist

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Step 1: Check how much you’ve got saved

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Step 2: Check how much you’ll need

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Step 3: Review your retirement plans

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Step 4: Review your retirement options

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Step 5: Get in touch

Step 1: Check how much you've saved

It’s easy to find out how much you’ve got in your pension savings with us.

Simply log on to your online account and look at your fund value summary.

Log in to Gateway

If you’ve got pension savings with other employers or personal pensions, you should get a statement each year showing:
• the value of your current savings, and
• how much your pension could be at your chosen retirement age.

If you think you’ve got an old pension but have lost the details, you can use the government’s Pension Tracing service to find it.

Find pension providers

You can use the government’s State Pension forecast service to get an estimate of your State Pension.

Get an estimate of your State Pension

You can use the Money Advice Service’s pension calculator to help you add it all together.

Step 2: Check how much you’ll need

To get an idea of how much you’ll need to save for your retirement, have a look at the Retirement Living Standards developed by The Pension and Lifetime Savings Association (PLSA). They’re only guidelines, but they’re designed to be a good place to start.

Remember: these amounts include your State Pension (which could be up to £9k for each person).

Step 3: Review your retirement plans

Choosing a target retirement age

Your target retirement age is the age you want to take your pension savings with us. We assume it’s your State Pension age unless you’ve told us something else.

Check your State Pension age, or check or change your target retirement age.

Remember to check the target retirement ages for any other pensions you’ve got (your other pension providers should be able to help) and think about when you may want to take those savings.

Putting in more

The more you save, the more income you’ll have. Are you saving as much as you can afford?

You can pay more money into your pension savings each month to build up more pension savings.

Combining your pensions

Could you combine your pension pots to make them easier to manage?

Transfer other pension pots into your pension savings with us, or out to another pension.

Either way, we don’t charge you to transfer.

Step 4: Review your retirement options

Choosing the right option for your retirement savings is a very important decision. Learn about all your retirement options so you can see which ones might suit you best.

Step 5: Get in touch

Once you’ve decided you want to take your pension savings, contact our member support team or call us on 0330 100 3334 (Monday to Friday, 9am to 5pm) and confirm you want to take your retirement savings.

To protect your pension, we’ll ask for your full name, address and National Insurance number.

As long as you’re over 55, we’ll send you a retirement pack setting out the value of your pension savings and the options you have.

Finding help and guidance

Like any other pension provider, we can’t tell you what to do with your pension savings. The following organisations can offer impartial help and guidance:

  • Pension Wise (part of the government’s Money and Pensions Service) is a free government service offering guidance about your options for retirement
  • The Pensions Advisory Service (also part of the Money and Pensions Service) can help with questions about workplace, State or personal pensions
  • Citizens Advice has information about all types of pensions.

Independent financial advice

The organisations we’ve listed so far don’t give independent financial advice – specific advice, tailored to you, recommending what you should do. You can only get this kind of advice from a regulated independent financial adviser. You usually have to pay for independent financial advice and it can seem expensive, but it could be money well spent if it gives you a better retirement and minimises the tax you pay..

Once you’ve found an adviser, you should also check they:

  • are qualified to Level 4 (or above) of the Qualifications and Credit Framework, and
  • have an up-to-date Statement of Professional Standing.